Kelowna, British Columbia – May 13, 2021 - Golden Ridge Resources Ltd. (“Golden Ridge” or the “Company”) (TSXV: GLDN) is pleased to announce it has received the trenching permit for its Williams Gold Property (“Williams” or “The Property”), located within New Found Gold Corps’ Queensway South Gold Property, in the Central Newfoundland Gold Belt of the province of Newfoundland and Labrador (Figure 1).1 Significantly, the regionally important northeast-southwest trending Appleton Fault, which is associated with New Found Gold Corp’s Keats Main Zone discovery, transects the middle of the Williams Property. A Phase II prospecting program will commence shortly to: 1) follow up on areas of interest identified by Golden Ridge’s successful 2020 Phase I exploration program, and 2) firm up high-priority exploration targets for follow up trenching (Figure 2, see news release dated October 26, 2020). The trenching program will commence immediately following the completion of the Phase II prospecting program. Golden Ridge is extremely encouraged by the recent drilling results from New Found Gold Corp’s Queensway Gold project.1
Highlights of the Phase I 2020 Williams Exploration Program
- Newly discovered gold-in-soil anomaly, 2.4-km long, spanning the southeastern margin of the Property with values ranging up to 609 ppb Au and 12 samples assaying over 50 ppb Au (Figure 2). The anomaly remains open to the northeast and southwest, and trends directly onto New Found Gold Corp’s Queensway South Gold Project.
- A total of 56 rock samples returned results ranging up to 44.2 g/t Au, with 7 samples exceeding 10 g/t Au and 14 samples exceeding 1 g/t Au (Figure 2).2 Rock sampling also led to the discovery of a new polymetallic zone (“EQ Zone”) where two samples ran 362.1g/t Ag, 1.1g/t Au, 10.6% Pb, 2.6% Zn and 225.6g/t Ag, 2.9g/t Au, 6.0% Pb, 1.3% Zn.
- Arsenic and antimony anomaly, 3 km long, coincident with the gold-in-soil anomaly, with As values up to 960ppm and Sb values up to 28ppm.
“We are very pleased to have received the trenching permit for the Williams Project located within the New Found Gold Corp’s Queensway Gold project. Golden Ridge will focus on prospecting and trenching outcrop and strong gold-in-soil anomalies defined by the successful Phase I exploration program completed in October 2020. The Phase II exploration program and follow-up trenching will help define key prospects for future drilling. We are encouraged by the continued success of New Found Gold, demonstrating the potential for the Central Newfoundland Gold Belt as a word-class gold district.” stated Golden Ridge CEO, Michael Blady.
1 This news release contains information about adjacent properties on which Golden Ridge has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties
2 The reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the Property.
Dr. Stephen Amor, PhD, PGeo, technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.
Golden Ridge Resources acknowledges the financial support of the Junior Exploration Assistance Program, Department of Natural Resources, Government of Newfoundland and Labrador.
About Golden Ridge Resources:
Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in Newfoundland and British Columbia. Golden Ridge is currently focused on exploration and development of its portfolio of exploration assets in Newfoundland. The Company owns a 100% interest in the 1,700-hectare Hank copper-gold-silver-lead-zinc property and the 3,000-hectare Hickman copper-gold property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia and has a portfolio of exploration projects in Newfoundland.
Golden Ridge Resources Ltd.
Chief Executive Officer
Tel: (250) 768-1168
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including: that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the Company continues to maintain a good relationship with the local project communities. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company's financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's Management’s Discussion and Analysis reports filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.
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